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First Time Home Buyers: Are Prices Too High?

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Blog by Mary Roy | April 25th, 2013

On the path to homeownership, Generation Y faces three main roadblocks – and they’re not necessarily the same issues their parents experienced when buying their first home.



First Time Buyers

TD Canada Trust published new research that highlights the differences in the challenges Millennials say they face as first time buyers compared to the challenges Boomers recalled from when they first entered the market.

The findings point to big shifts in Canadian real estate in the last 30 years. The three obstacles facing Millenials are:

  • Saving a large enough down payment (57 per cent of Gen Y non-homeowners, versus 33 per cent of Boomer homeowners).
  • Property prices are too high for first time buyers (52 per cent of Gen Y non-homeowners, versus 16 per cent of Boomer homeowners).
  • Not earning enough to afford monthly mortgage payments (48 per cent of Gen Y non-homeowners, versus 13 per cent of Boomer homeowners).

The Canadian market has seen some pretty big price bumps in the last few years and Gen Y is well aware of that fact: half of Millennials think home prices will continue to increase over the next year and more than half (57 per cent) feel that saving a big enough down payment is a concern.

Call Mary Roy & Team, we can show you how easy home ownership can be and put these worries to rest by linking you with out preffered business affliates and help for every step along the way.

See the full article at: http://blog.buzzbuzzhome.com/2013/04/td-canada-gen-y-home-ownership.html 
photo credit:themacnabs.com